OPEC won't cut current output ceiling until oil prices stabilize

OPEC won't cut current output ceiling until oil prices stabilize

OPEC's official production quota has been unchanged at 28 million barrels a day since July 2005, and Sheik Ahmed, who is in India for an official visit, sees no moves to change that.

Sheik Ahmed said the situation in Iran and Iraq would play a key role in shaping global oil prices in the coming months. He also expected winter demand for oil to decline, leaving some sobering impact on prices, the AP reports.

On Thursday, crude oil futures rose for a second day as data released Wednesday showed a larger-than-expected drop in U.S. crude inventories. Light, sweet crude for July rose 36 cents to US$69.50 a barrel in electronic trading on the New York Mercantile Exchange.